Funding sustains Renaissance support vessel program

Vessels group Renaissance Services has agreed on a syndicated term loan facility of Rial 19.25 million ($ 50 million).

Offshore staff

MUTTRAH, Oman -- Vessels group Renaissance Services has agreed on a syndicated term loan facility of Rial 19.25 million ($ 50 million). Bank Dhofar arranged the facility with participation from National Bank of Oman (NBO).

Another leading Omani bank has arranged further finance of Rial 19.25 million, and Renaissance expects to sign this facility shortly.

The company will use the funds for its investment plans, mainly in its offshore support vessel operations.

Over the last nine months Renaissance has invested over Rial 57 million ($ 150 million) in new assets, much of these allocated to its OSV services.



08/02/2010

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